Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,944/mo
Lowest payment- Down payment
- $241,363
- Funds due
- $257,317
- Interest + MI left
- $591,036
- First ends
- Aug 2053
Assumption
Assumption + second
$5,177/mo
+$1,233/mo- Down payment
- $73,363
- Funds due
- $90,825
- Interest + MI left
- $866,817
- First ends
- Aug 2053
New loan
New conventional
$5,051/mo
+$1,107/mo- Down payment
- $73,363
- Funds due
- $87,072
- Interest + MI left
- $952,801
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,637 | $483,637 | $651,637 |
| Second mortgage | — | $168,000 | — |
| First P&I | $3,206.71 | $3,206.71 | $4,414.42 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $230.85 | $230.85 | $130.33 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $3,944.22 | $5,176.94 | $5,051.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,363
Closing costs & prepaids$17,462
Usable credit−$0
Total buyer cash needed$90,825
Earnest money paid−$0
Remaining funds due$90,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Prepaid interest, first (7 days)$609.38
Prepaid interest, second (7 days)$257.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 8 moOf the original 30-year loan at 6.57%
Interest already paid$108,244Through Dec 2026
Assumption only · ends Aug 2053$591,036
Assumption + second · ends Aug 2053, second Jan 2057$866,817
New conventional · ends Jan 2057$952,801